The information technology major’s numbers may look pretty good, but “we would like to be slightly more patient as the company has come out of more than 10 quarters of underperformance compared with its peers,” said Vimal Gohil, an analyst at Mumbai-based brokerage Asit C. Mehta Investment Intermediates Ltd.

“The business environment hasn’t changed. Discretionary spending on technology by businesses is yet to pick up,” said Mr. Baliga, adding that he would be cautious about going with market expectations for the stock to rise to around 2,800 rupees. Infosys shares closed Friday at 2,712.60 rupees, up 16.9%, their biggest one-day jump in more than two years.

Even Infosys’s management tried to temper expectations. Chief financial officer Rajiv Bansal said challenges remain in terms of the time taken for contracts to close and the reluctance of clients to ramp up projects.

B. G. Srinivas, Infosys’s head of Europe as well as its financial services and insurance businesses, added that clients think growth will be slow over the next two years.

“Infosys is still waiting for technology budget indications from clients, which are yet to be finalized. Yet, early indicators show that budgets for 2013 will be either flat or lower,” Mr. Srinivas told reporters.

For the quarter through December, Infosys posted a net profit of 23.69 billion rupees, against 23.72 billion rupees a year earlier. It raised its fiscal year revenue forecast to at least $7.45 billion from its previous estimate of $7.34 billion.

Analysts had expected Infosys to lower its revenue outlook, especially after the company, in mid-2012, cut its revenue growth forecast for the year ending March 31 by nearly half to just 5%.

Some bullish analysts Friday tipped the stock to rise to near-February 2012 levels. CLSA Asia-Pacific analyst Nimish Joshi expects Infosys to go up to 2,900 rupees over the next 9-12 months. He said investors are also likely to shift to Infosys from TCS, which will help push up the stock price.

Shashi Bhusan, an analyst at Mumbai-based Prabhudas Lilladher Pvt. Ltd., expects Infosys to rise 10%‐12% thanks to the strong results. He reiterated his “buy” rating on the stock as well.

Ashish Chopra, a technology analyst at Mumbai-based Motilal Oswal Securities Ltd., said this quarter’s performance will “infuse confidence” in investors who had sold the stock following worse-than-expected performances by Infosys in previous quarters.